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Russian search engine Yandex set for IPO

The Moscow Times is carrying a report on the recent surge in London IPO listings for Russian companies.

Seven Russian IPOs raised $5 billion on the London Stock Exchange in 2005, making Russia the biggest source of international primary offerings in London. Bankers estimate up to 25 flotations this year will raise several times that figure.

One of these upcoming floatations is predicted to be Yandex, currently the leading Russian search engine with a 62% market share.

They have already hired Morgan Stanley and Deutsche Bank to advise on the listing, which could take place on Nasdaq, where Yandex’s international peers trade, sources say.

Investors say the Russian media business has strong potential, given the fast growth in advertising on the Russian Internet.